COLUMBUS, Ohio--(BUSINESS WIRE)--Please replace the release with the following corrected version due to multiple revisions.
The corrected release reads:
NEUROTECHNOLOGY INNOVATIONS TRANSLATOR (NIT) ANNOUNCES FUNDING OF UP TO $50 MILLION IN PORTFOLIO COMPANY SOLLIS THERAPEUTICS
Pioneering therapy to enter US pivotal trial for treatment of pain from sciatica
Neurotechnology Innovations Translator (NIT), an Ohio-based company focused on advancing the development and commercialization of innovative neurotechnology solutions, announced the funding of up to $50 million for its second portfolio company, Sollis Therapeutics (Sollis). Sollis’ novel therapy is designed to target the symptoms of low back and leg pain caused by sciatica using a locally delivered, non-opioid analgesic and anti-inflammatory medication.
The funding, led by New York firm Deerfield Management, alongside additional co-investors and financial and operational support from NIT, follows positive results from prior clinical studies with the Sollis therapy. Proceeds will be used to initiate and complete Sollis’ pivotal clinical study at multiple centers across the United States, submission to the FDA seeking approval for treatment of sciatica pain, and the development of additional pipeline products. A copy of the press release issued previously by Deerfield Management can be found here.
“This investment advances Sollis’ mission to pioneer non-opioid treatments for chronic neuropathic pain syndromes,” said Gregory Fiore, MD, CEO of Sollis. “We are excited to initiate our pivotal clinical study to further this transformational treatment for pain caused by sciatica, a condition afflicting more than 5 million people in the United States for which there is no FDA-approved medication.”
NIT, which partners with entrepreneurs and scientists to invest in, develop, and commercialize neuroscience companies, founded Sollis in 2017. Subsequently, NIT has provided capital and management expertise to develop and facilitate the translation of Sollis’ technology to further its clinical application, alongside contributions and support from NIT’s collaborating partners including Ohio Third Frontier, The Ohio State University, Medtronic, Cardinal Health, Battelle and Huntington Bank.
“Sollis embodies the type of game-changing health care innovation we seek to pursue at NIT,” said Kevin Wasserstein, NIT’s CEO. “We are thrilled to add a partner of the caliber of Deerfield as a Sollis investor. Their investment provides further validation for Sollis, as well as for NIT’s unique translational development model and objectives to drive economic and job growth in the State of Ohio.”
NIT’s Chief of Science, Ali Rezai, MD added, “Sollis’ highly innovative technology has the potential to provide a non-opioid treatment for chronic pain – one of the biggest healthcare challenges facing our country.”
About Neurotechnology Innovations Translator
Neurotechnology Innovations Translator (NIT) invests in, develops, and commercializes globally sourced innovations in the compelling frontier of neuroscience. Leveraging over $160M in total investment capital and service commitments, a unique concept-to-clinic development infrastructure, and a seasoned executive leadership team with specialized expertise in neuroscience development and commercialization, NIT brings together the capital, resources, expertise and global network to expedite the path to market for neurotechnology innovations. NIT, based in Columbus, OH, is committed to pioneering technologies with the promise to save and improve patient lives while furthering economic growth and Ohio’s prominence as a nexus for neuroscience innovation.
To learn more about NIT, its portfolio companies and how NIT can catalyze your innovation, please visit www.NeuroTechTranslator.com.
About Sollis Therapeutics
Sollis Therapeutics, headquartered in Columbus, OH, is a clinical-stage biotechnology company focused on developing novel non-steroid, non-opioid analgesics. Sollis’ first product, also recently awarded a Grant from Ohio Third Frontier’s Opioid Technology Challenge, is an extended release combination analgesic and anti-inflammatory medication purpose-built for targeted local delivery for the treatment of sciatica and other neuropathic pain syndromes.
To learn more about Sollis, please visit www.SollisTX.com.
Sciatica, or lumbosacral radiculopathy, causes severe pain in the lower back, hip and legs. Despite afflicting more than 5 million people in the United States each year, sciatica remains poorly treated, and without any long-lasting medications or medications specifically approved by the FDA. Today, patients are often treated with oral analgesics including highly-addictive opioid and/or injected steroid medications that may cause severe side effects. Other patients, with intractable pain not adequately resolved with pharmaceutical treatment, may pursue more invasive surgical treatments such as surgical discectomy and spinal fusions.
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